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HELP! anyone for rookie?

  • #1
  • First Post: Aug 29, 2009 7:53pm Aug 29, 2009 7:53pm
I posted this in other thread, so I make a new thread to keep clean the other thread I mentioned (I am so sorry!), this is what I posted :

Quote
I joined a future trading company for three months already.
Due to my inexperience, I let a broker in the company to handle my account, for the 1st month, it was a hopeful success for me (and my broker).
It took a grim turn in the next month,
I had lost US$ 1900 in just one trade,
okay, we fixed that, I injected more fund, and tried to 'repair' things.
a couple of weeks passed without any profit, and suddenly I got another margin call and forced to inject more fund (to date I had injected US$ 10000 already).
and the grimmest day of all is 21st of august..
Again, my broker carelessly made some transaction.
Now, I am trapped in a hedge/locking
with a GBP/USD open buy and aGBP/USD open sell with floating loss about US$ 5500s. Currently I had US$700 of equity and margin of US$200.

My great trader seniors, I beg you for a help...

can I escape this lock?
is there any way I can save my fund?

thanks a bunch for the help beforehand...
The situation is now a bit better, my equity is now US$2800s, the floating loss stands still though, so I am still on a hedge. To this date, I had returned 60% of my loss (about US$ 2800s profit last week).

So, I am still inquiring guidance from senior traders, can I escape this?


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  • #2
  • Aug 30, 2009 4:18am Aug 30, 2009 4:18am
Quote
can I escape this lock?
is there any way I can save my fund?
Yes that's pretty easy. Close the trade withdraw what's left accept your loss.
AND LEARN HOW TO TRADE FOR GODS SAKE!

It's impossible to get a margin call if you trade properly.

I wouldn't go live in the next 1-2 years If I were you.
There is something called a Demo account if you're unable to get any consitent profits
on a Demo for a 6-9 months period how on earth do you want to make money on a live account
where trading is even harder.
  • #3
  • Edited 9:20am Aug 30, 2009 8:22am | Edited 9:20am
Quoting zfyn
I posted this in other thread, so I make a new thread to keep clean the other thread I mentioned (I am so sorry!), this is what I posted :

The situation is now a bit better, my equity is now US$2800s, the floating loss stands still though, so I am still on a hedge. To this date, I had returned 60% of my loss (about US$ 2800s profit last week).

So, I am still inquiring guidance from senior traders, can I escape this?
Quoting zfyn
I joined a future trading company for three months already.
Due to my inexperience, I let a broker in the company to handle my account, for the 1st month, it was a hopeful success for me (and my broker).
It took a grim turn in the next month,
I had a US$ 1900 in just one trade,
okay, we fixed that, I injected more fund, and tried to 'repair' things.
a couple of weeks passed without any profit, and suddenly I got another margin call and forced to inject more fund (to date I had injected US$ 10000 already).
and the grimmest day of all is 21st of august..
Again,...

Name and shame, who was the broker! If they're regulated you may have recourse under a 'negligence/duty of care' suit as it appears they traded recklessly with your money.

As an inexperienced trader you tried to do the right thing and let them trade your account, but did you do any due diligence first?

When they lost money for you the first time that should have been a clue. When they lost it a second time it's probably time to salvage the balance and move your account! Learn from the experience is all you can do, it's an expensive lesson but there's nothing to say they're going to recoup losses, in fact it's more probable that they'll lose everything!

If someone loses >20% of an account in one trade (geez!!!) then they're not a trader, they're a reckless gambler! Don't walk away......RUN!


ps - You might want to edit your post, you've got two 'Quote' buttons to different threads


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  • #4
  • Aug 30, 2009 9:03am Aug 30, 2009 9:03am
Wow, sorry to hear that. I agree with Pipmutt & Tjpld. I'd love to know who the broker was. If anything, let this be a warning to others about doing their own due diligence when hiring a broker.
  • #5
  • Aug 30, 2009 9:55pm Aug 30, 2009 9:55pm
Quoting Tjpld
Yes that's pretty easy. Close the trade withdraw what's left accept your loss.
AND LEARN HOW TO TRADE FOR GODS SAKE!

It's impossible to get a margin call if you trade properly.

I wouldn't go live in the next 1-2 years If I were you.
There is something called a Demo account if you're unable to get any consitent profits
on a Demo for a 6-9 months period how on earth do you want to make money on a live account
where trading is even harder.
yeah, i know, i had run demo accounts several times, and finding that getting profit is not that hard, it IS my broker who make the damages actually. I am determined to repair this myself. during the past week, i had made U$600s profit, all by myself (and the help of God of course).
your sentiment ain't helping at all TJLPD, though I know you means well. And I am sure that you can give me better solution than this.

@pipmutt :
whew.. Can I really make a lawsuit for what that asswipe broker had made me lose?

@guldcoastpip:
thanks for the condolences. may what I had gone through be a lesson for all :
Not even a seasoned trader would do well everytime in this trading business.
  • #6
  • Aug 30, 2009 11:08pm Aug 30, 2009 11:08pm
zfyn
The Broker didnt do a darn thing to you - you did this to yourself - man up and take responsabilities for your actions.

As to suing - In the agreement you signed -but probaby didnt read - is most likely a clause that says that this is risky business and you may lose it all.
But this wouldnt be your fault either.

Tjpld is being straight up - problem is most newbies cant handle the truth.
In trading, there is no bullshit. You either make money or you don't.
  • #7
  • Aug 31, 2009 7:08pm Aug 31, 2009 7:08pm
Quoting mrgreen
zfyn
The Broker didnt do a darn thing to you - you did this to yourself - man up and take responsabilities for your actions.

As to suing - In the agreement you signed -but probaby didnt read - is most likely a clause that says that this is risky business and you may lose it all.
But this wouldnt be your fault either.

Tjpld is being straight up - problem is most newbies cant handle the truth.
You're being absolutely right, MrGreen.
I was questioning whether I can sue my broker is also based on what agreement I had with the company. I know I cannot sue them.
Who knows? There's bound to be a loophole in any law act.

I am now taking responsibility to my own hands. As per last week, I handled my account, myself. Now I am just doing small trading, just to be safe.
  • #8
  • Sep 1, 2009 3:27pm Sep 1, 2009 3:27pm
Quoting zfyn
You're being absolutely right, MrGreen.
I was questioning whether I can sue my broker is also based on what agreement I had with the company. I know I cannot sue them.
Who knows? There's bound to be a loophole in any law act.

I am now taking responsibility to my own hands. As per last week, I handled my account, myself. Now I am just doing small trading, just to be safe.
first thing to learn is that there is NEVER a loophole in a contract that you sign agreeing to give away money in. doesn't happen that way. it's a tough loss, but you should never give money away for someone else to trade unless they are registered, regulated, and respectable. most guys working for brokers that will actually trade your money are none of those.

i'm glad you are finally trading your own account. you are the only person you can rely on in this business.
  • #9
  • Last Post: Sep 3, 2009 3:59am Sep 3, 2009 3:59am
Quoting blacksun1
first thing to learn is that there is NEVER a loophole in a contract that you sign agreeing to give away money in. doesn't happen that way. it's a tough loss, but you should never give money away for someone else to trade unless they are registered, regulated, and respectable. most guys working for brokers that will actually trade your money are none of those.

i'm glad you are finally trading your own account. you are the only person you can rely on in this business.
Thanks for the remarks. I was only joking though.

Absolutely, I cannot agree with you more than this, as Robert T. Kiyosaki said, "Do your homework, sit your business yourself, only then you will prosper".
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